This research project focuses on data ownership issues arising from the practice of open banking. Open banking attempts to help banking customers securely share their financial data with trusted third parties (“TPPs”). While this has been touted as the way forward to enhance customers’ banking experience, open banking has given rise to novel legal issues. The research will consider the concept of data ownership in the context of a bank-customer relationship, and the extent to which a bank can claim a proprietary interest over its customers’ data.

Additionally, it will examine the existing consent-based regime facilitating banking secrecy, and whether it is able to address privacy issues that may arise with the implementation of open banking. She will also examine legislation in other jurisdictions governing the legal obligations of TPPs in ensuring the confidentiality of customers’ data, and consider what the Singaporean approach towards apportioning liability should be in the instance where a breach of confidentiality occurs with the involvement of a TPP.

This project has concluded.

Publications

• Leong, Emma, ‘Open Banking: The Changing Nature of Regulating Banking Data – A Case Study of Australia And Singapore’ (2020)  NUS Centre for Banking & Finance Law Working Paper 20/03.  https://ssrn.com/abstract=3678458
• Emma Leong, ‘Open Banking: The Changing Nature of Regulating Banking Data — A Case Study of Australia and Singapore’ [2020] 35(3) Banking & Finance Law Review 443-469